In today’s episode of The Startup Chat, Steli and Hiten talk about how to act, move and execute faster.
In the startup world, speed is everything. If you don’t execute fast, you’re very likely to fail. However, moving at such a fast pace can be scary to some founders and employees. Which is why it’s important to put in place processes that allow you to execute at a fast pace, otherwise your competition will.
In this episode, Steli and Hiten share their thoughts on why speed is important for startups to succeed, they give examples of big companies that are excellent at executing and much more.
Time Stamped Show Notes:
00:00 About the topic of today’s episode
00:32 Why this topic was chosen.
01:10 Why startups are special.
02:02 What makes a startup move fast.
02:34 Why you may want to move fast.
03:38 Why you need a sense of urgency.
06:49 Why you need to be hyper-focused and prioritize.
07:03 Why it’s important that your team understands what needs to be prioritized.
07:54 Steli’s thoughts on why moving faster is so important.
08:34 Other factors that could slow down your startup.
3 Key Points:
Speed is everything.
It’s not the big that eat the small, it’s the fast that eats the slow.
It’s important to figure out what you need to do in your startup to win.
Steli Efti: Hey everybody, this is Steli Efti.
Hiten Shah: And this is Hiten Shah.
Steli Efti: In today episode of the Startup Chat, we want to talk about how to act, move, and execute faster in your startup. The reason why I want to talk about speed with you Hiten is that recently I saw on your Twitter stream, you had posted out kind of a picture of a frame that had a quote in it that said, "It's not the big that eat the small, it's the fast that eats the slow." I thought, oh, this is a good topic to talk about, speed.
Hiten Shah: Speed's everything. I think that I'm excited to talk to you about this too because this is like the [inaudible] in startup's that I rarely see spoken about. I see everything sort of talking about the execution, what you need to do, and we even talk about how you get from this to that, right? Zero to ten customers, ten to 100, 100 to a million, I don't know. And like, the people don't talk about why startups are special. What makes them even like exist? Why do they exist? What makes it so that they need to exist? There's these big companies out there that should be solving problems for our customers, not startup's. Like these big companies are designed around, they solve a problem for customers, they have a lot of capital, they have a lot of people, but yet, startup's still exist and startups come in and they kick the butt of big companies. Not all of them, obviously, but like that's how they win. It's important to figure out what you need to do in your startup to win. And win means, win the market, win the customer, et cetera. I think that speed is all you got.
Steli Efti: How, so okay. Let's talk about speed, right? What makes a startup move fast? What does, you know, if you think about some of the companies in team startup's, teams that you've seen that move the fastest, what stood out as kind of key indicators, or key cultural things that they had that made they move faster than other startup's? When you see startup's slow down or move to slow, what's the main reason? I mean, the one thing ... I have a lot of thoughts, but I actually want to hear your thoughts before I throw in my two cents. What do you think make startup's fast, versus what makes them slow?
Hiten Shah: Sure. Well, let's define why you want to go fast. Let's just start there, right?
Steli Efti: Okay.